$BTC and $ETH —this rebound is different for each: BTC is driven by short covering, while ETH is being stubbornly held up by retail traders.
BTC is up 1.85% at 81,984, but the taker buy/sell ratio is only 0.78—buying pressure isn’t even at 1, yet the price is rising, and open interest is up 2.5% to 7.77B. My read: the 1h MA7 at 82,207 is acting as resistance. If BTC can’t get above it, the rebound is over; if 80,882 gives way, 79,800 is next.
ETH is up even more, +4.75%, but the long/short account ratio is 2.49—nearly two and a half longs for every short—while open interest has actually fallen 0.9%. The 1h chart has indeed turned stronger, with RSI at 58 and the MACD histogram turning positive, but the daily MACD is still at -26.7. The 1h MA99 at 2,465 is right overhead. If ETH can’t break through, that 1h strength won’t hold up at 2,370.
#BTC #ETH #cryptocurrency
BTC is up 1.85% at 81,984, but the taker buy/sell ratio is only 0.78—buying pressure isn’t even at 1, yet the price is rising, and open interest is up 2.5% to 7.77B. My read: the 1h MA7 at 82,207 is acting as resistance. If BTC can’t get above it, the rebound is over; if 80,882 gives way, 79,800 is next.
ETH is up even more, +4.75%, but the long/short account ratio is 2.49—nearly two and a half longs for every short—while open interest has actually fallen 0.9%. The 1h chart has indeed turned stronger, with RSI at 58 and the MACD histogram turning positive, but the daily MACD is still at -26.7. The 1h MA99 at 2,465 is right overhead. If ETH can’t break through, that 1h strength won’t hold up at 2,370.
#BTC #ETH #cryptocurrency